ISLAMABAD: The Board of Directors of Pakistan National Shipping Corporation (PNSC) on Friday approved the acquisition of three vessels costing USD193.115 million in a bid to expand the national fleet to 30 by 2026.
During a briefing to the Federal Minister for Maritimes Affairs, Muhammad Junaid Chaudhry, the management of the said that it has moved to fast-track its vessel procurement process following directions from Federal Minister.
During a detailed briefing, the PNSC management informed the minister that the corporation’s fleet expansion plan was progressing steadily, with key procurement stages nearing completion.
Pakistan’s national shipping carrier adds two Aframax-class tankers
Officials said that the PNSC Board had earlier approved the purchase of three second-hand Aframax and MR-2 class oil tankers, with evaluation and due diligence completed in accordance with public procurement regulations.
In its most recent session, the Board approved the acquisition of three vessels: MT Lorex, which will be renamed MT Karachi, at a cost of USD 74.5 million; MT Nafsika, to be renamed MT Lahore, also for USD 74.5 million; and MT Stavanger Poseidon, to be renamed MT Quetta, for USD 44.15 million. The first two are Aframax tankers, while the third is an MR-2 class vessel.
The PNSC management is now in the final phase of negotiations with vessel owners. Legal and commercial formalities are expected to conclude soon, after which the contracts will be signed. Delivery of the three tankers is scheduled by late December 2025, when they will officially join the national fleet.
In parallel, PNSC has initiated the procurement process for 12 additional vessels, issuing tenders for four LR-2, four MR-2, and four MR-1 class ships. The corporation is currently reviewing bids and conducting technical evaluations as part of its broader fleet enhancement program.
Minister Junaid Chaudhry reiterated the government’s commitment to strengthening maritime logistics capacity, emphasizing that the accelerated procurement process will help the country expand its shipping footprint and reduce reliance on foreign carriers for energy and cargo transport.
Copyright Business Recorder, 2025